Recreational properties in the Greater Alberta area have been few and far between in the past couple years. One study suggested that only three waterfront recreational properties were available in the region in 2012. Since that time, the market has been slowly rebounding.
As more properties have become available, average prices for prime waterfront homes have actually decreased slightly. In 2012, properties located near a recreational lake or waterways were going for an average of more than a million dollars. Since that time, the average price of recreational properties in the community has actually dropped down closer to $750,000.
These prices are greatly impacted by fluctuations in oil prices. While the price of oil stays down, share prices will undoubtedly be down for many oil companies. As the oil industry strengthens, more people are expected to invest money back into recreational properties.
What does this mean for someone interested in buying a recreational property in the Alberta area? Essentially, it means that now is a great time to invest your money in some prime waterfront real estate. As oil prices increase, property values will also begin to rise in response.
Because prices are down, there’s really no better time to find an amazing recreational parcel that will stay in your family for years. This trend has been relatively consistent since the economic downturn of 2008. In the past, recreational properties have been much more resilient to fluctuations in their value. However, in response to the economic crisis of 2008, demand for prime waterfront real estate has taken a dramatic hit.
As people are more frugal with their dollar and have turned to maintaining savings rather than actively seeking investment opportunities, the recreational property market has seen a significant decrease in demand. Prices are still struggling to get back to their pre-2008 highs.
Despite the fact that recreational properties in Alberta are an incredibly limited commodity, prices are expected to creep back up very slowly. One of the major reasons for this continued trend is the increasing attractiveness of destinations to the south.
Many Canadians that possess the necessary means are turning to properties in more affordable markets. One such market exists in various cities in Arizona. While travel costs add an additional expense for Canadians interested in a Phoenix or Scottsdale recreational property, the cost of homes and property is so much lower that additional travel expenses aren’t deterring many Canadian residents that are looking for a warm summer retreat.
Currently, vacation homes in the Phoenix and Scottsdale areas are going for anywhere between 200 and 300 thousand dollars, less than half of the average price for an Alberta recreational property, despite the Canadian market being down.
Along with significantly cheaper prices, Phoenix and Scottsdale are appealing vacation destinations for Alberta residents because of the relative ease of travel. Direct flights to Phoenix are readily available from both Edmonton and Calgary, which significantly reduces the hassle of traveling to a summer destination.
That being said, there are still a great number of extremely attractive properties available on or near Gleniffer Lake. This destination is located centrally to both Edmonton and Calgary, making it an ideal location to get family together for a fun-filled, relaxing summer vacation.
If you’re interested in recreational properties near Gleniffer Lake, there’s no better time than the present! Please visit us online or give us a call today at 1-403-710-4559 to find the recreational property that’s right for you!